Small business owners looking to elevate their start-ups gained support from the Florida Small Business Development Center (SBDC) at FIU Business and Wells Fargo, thanks to the new ‘Ready. Set. Scale Up!’ program.
The six-week program, open to small businesses that have been open from one to five years and generate over $50,000 in revenue, gave participants insights on business strategies, from advice on how to price their goods and services, to understanding market research, financing options and more.
“We know and understand that small businesses play a very important part of our economy. Small businesses employ a large percent of the local population, especially startup businesses or businesses that want to get to the next level,” said Leo Toca, senior community impact specialist and vice president at Well Fargo. “We've been supporting the [SBDC] at FIU for many years now. We are delighted to see the impact of the skills developed through the program.”
At the end of the workshop series in March, business owners got a chance to practice their newly gained skills in a pitch-off to a panel of judges. The judges included SBDC consultants, local mission-based lenders, and representatives from community organizations serving small businesses.
Nikki Watkins, founder and CEO of HopeWell Global, which offers grant writing support and strategic consulting to small nonprofits, has been a client of the Florida SDBC at FIU Business for six months, and she found the ‘Ready. Set. Scale Up!’ to be transformational.
“The sales strategy really stuck out because the market is quite volatile,” said Watkins. “However, it's reassuring when you can identify ways to scale based on your specific needs and based on your pricing model, versus using a generic model that is often taught.”
Other businesses in the first cohort included a college prep service, a termite exterminator, a trucking business, an insurance company, a salon, a worksite cleaning service, and an online shopping boutique. Their pitches were asks for things big and small, from a $250,000 capital loan and seed grant to mentorship and business contacts.
The judges provided instant feedback after every pitch so that business owners could adapt on the fly and perfect their approach, but the benefits of the workshop were clearly paying off.
“The big difference, because they are prepared, is that they could understand the language when they are applying for a business loan or credit. These entrepreneurs now understand the five C's of credit [character, capital, collateral, capacity and conditions],” said Fabiana Estrada, regional vice president of lending at Ascendus, and judge on the panel. “They are not blind when they approach lenders to have a conversation for access to capital or for any other reason.”
To learn more about the workshops offered by the Florida SBDC at FIU Business, visit this link.